AI Disruption Shakes Legacy IT Giant
Global financial markets experienced fresh turbulence Monday as artificial intelligence innovation continued to reshape industry fundamentals. IBM suffered major losses, with shares plunging over 11% to become one of the tech sector's biggest casualties. The sell-off originated from groundbreaking developments announced by an AI research firm.
Revolutionizing Critical Infrastructure
COBOL language still powers 95% of US ATM transactions and numerous financial, aviation, and government systems. As veteran engineers possessing this expertise retire, maintaining these legacy systems has become increasingly challenging for enterprises.
- Traditional modernization requires extensive manpower
- New tools automate core system upgrades
- Industry business models face fundamental transformation
Market-Wide Impact
IBM shares accelerated downward in the final trading hour, ending 11.2% lower. The sell-off spread across technology sectors, dragging down the Dow Jones, S&P 500, and Nasdaq by more than 1% each.